Smith-Midland Corporation reported record annual revenue of $93 million in 2025, with trailing 12-month earnings per share of $1.46 and EBITDA of $14.3 million, the company said at the 17th Annual Midwest IDEAS Conference on August 27, 2026.
The Virginia-based manufacturer of concrete barriers and utility products said its backlog reached $57.4 million, a 19% increase from the first quarter of 2026, and remains below management’s target of roughly $100 million. Undercaptured orders are estimated at $5 million to $7 million per quarter, driven by quick-hit projects not yet booked. Contract rescissions remain below 1%.
The company’s barrier rental division, Concrete Safety Systems, has expanded its fleet from about 10 miles of barriers in the late 1970s to approximately 150 miles today, with utilization near 80%. The division’s blended return on investment is roughly 3.5 years, and its facilities in Virginia, Maryland, and Washington D.C. operate under a rental-only strategy to mitigate local competition.
Smith-Midland highlighted several product lines supporting growth. Its J-J Hooks barrier is the top private-brand barrier in the U.S., protected by trademarks, patents, and federal approvals. The Easi-Set and Easi-Span utility products, used in small building applications, hold the same market-leading position. Utility vaults have already surpassed full-year 2026 revenue projections, driven by data center construction in Northern Virginia, which handles approximately 80% of the country’s internet traffic.
A $10 million contract for Interstate 81 in Roanoke, Virginia, covering SoftSound and retaining wall components, ranks among the company’s third-largest single awards. The project aligns with a broader infrastructure cycle, as the Federal Highway Administration’s funding under the 2021 infrastructure bill is set to expire in September 2026, with roughly 40% of the $1.2 trillion still unspent.
The company is also developing a Limited Deflection Barrier, designed to capture 80% to 90% of the market while reducing field installation costs by about 80% versus competitors. The product failed its first crash test but has been adjusted and is preparing for a new test cycle, pending Federal Highway Administration and state approvals.
Smith-Midland’s market capitalization stands at about $145 million, with a stock beta of 1.75. The company submitted plans for an additional 30-acre site in Virginia to support storage and potential expansion, while excess land remains available at its Carolina facilities.
At the conference, CEO Ashley Smith described the rental business model as a “Warren Buffett insurance precast division,” emphasizing reinvestment of cash flows into inventory and growth. He noted that the company does not require every opportunity to succeed, only several to align simultaneously for sustained progress.
